In the Federal Reserve’s campaign to bring down inflation without tanking the economy, there’s a key factor over which it has zero control: the weather.
U.S. scientists are predicting that an unusually strong El Niño, a recurring weather pattern over the Pacific Ocean, could drive temperatures up by 1.5 degrees Celsius this fall and winter. Past episodes such as in 2009-10 and 2015-16 have been linked to heat waves and drought around the world and surging food prices.